Following the COVID 19 pandemic, uncertainty, and short lifespan have been realigned. Many people are considering life insurance or are rethinking their current policy as a whole. The life insurance industry is one of many industries experiencing a huge increase in demand in the shadow of the new coronavirus, suggesting that health care professionals and consumers, in general, are thinking about their finances by death.
For example, New York Life Insurance reports that online research for "life insurance and coronavirus" has increased by more than 250% since early March, according to Google Trends. Fortunately, it is not too late to purchase life insurance and there is good news for people who already have it. Kevin Brayton, Director of Sales for Prudential's Individual Life Insurance Group, says that most people who have already purchased life insurance are likely to be insured in the event of death from complications related to COVID-19. Although I cannot speak to other operators' policies, Prudential's policies do not currently exclude pandemic events.
Do I need additional life insurance coverage due to COVID-19?
If you already have life insurance, you will likely be insured automatically during the pandemic. However, new life insurance claims may be affected by the epidemic. Brayton recommends that you consider life insurance for adults of all ages, especially if you have a financial debt that would not be covered in the event of death. Life insurance policies can be a way of ensuring that your debts are paid after death, e.g. B. student debts, mortgages or even loans associated with a business. Life insurance can certainly be purchased during the coronavirus outbreak," said Brayton. Some expedited subscription programs may offer the ability to complete online requests and documents quickly and completely, and a paramedic may not be necessary to them. According to your life insurance agency, your existing insurance coverage should not require a special coronavirus adjustment.
What are the restrictions on new life insurance coverage during the pandemic?
Each insurance company faces pandemic differently, and it is important to choose a company that meets your needs. If you wish to purchase life insurance, it is important that you submit your application before your health is compromised. In general, anyone who has tested positive for COVID-19 can only purchase life insurance with the approval of a doctor, says Brayton. Recent trips to countries with high COVID-19 transmission rates may also have an impact. If someone has been diagnosed with COVID-19, we will defer the request for at least 30 days from the date of diagnosis.